SAT upheld repayment of sum collected by appellant as it carried on Collective Investment Scheme wit

CL: Where appellant-company collected huge amount of money from investors for development of land by promising high returns either in form of profits or increased value of land, in view of fact that business carried on by appellant was in nature of Collective Investment Scheme which was undertaken without obtaining certificate of registration from SEBI, impugned order passed in terms of section 11AA, read with section 12 directing winding up of said scheme was to be confirmed